First Mid Bancshares completed the acquisition of LINCO Bancshares, which includes Providence Bank.
As of Dec. 31, 2020, Providence had approximately $1.1 billion in total assets, $895 million in deposits and $863 million in loans through 14 locations in Missouri, Texas and Indiana. With the completion of this acquisition, First Mid has approximately $5.7 billion in total assets.
There are no immediate changes for Providence customers. The conversion of accounts from Providence Bank is expected to happen in Q2/21.
“We welcome Providence’s customers and employees to First Mid and are excited to provide additional services to these communities where Providence has built strong relationships,” Joe Dively, chairman and CEO of First Mid Bancshares, said. “We have worked closely with the Providence team over the last few months to ensure a smooth transition.”
In conjunction with the closing, Kit Stolen, president and CEO of Providence Bank, announced his retirement, effectively immediately.
“It is with great confidence that I can turn the leadership of Providence Bank over to Joe Dively and his dedicated team at First Mid,” Stolen said. “I have been blessed to finish my career at Providence Bank/Premier Bank Texas, where I have worked with talented colleagues, enjoyed the company of successful clients, lived in an inviting community, and have had the pleasure of being employed by the Laurie family. My wife, Jill, and I are thankful for this opportunity.”
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